Compyl expands services beyond compliance for Torstone by implementing a world-class vendor management program.
Torstone Technology, a leading global SaaS platform for post-trade securities and derivatives processing, has been using Compyl for several years now, focusing on automating its SOC2 and ISO27001 compliance program. With offices in London, New York, Singapore, and Tokyo, Torstone saw the need for a more robust and centralized vendor management program that limits manual effort, establishes a comprehensive process across all departments involved, and ensures that suppliers are within the company’s risk acceptance level.
From a compliance perspective, Torstone’s vendor management program has been what’s required of them; however, as they matured over time, the company realized that less manual effort can increase productivity, limit costs and limit the risk exposure to today’s changing supply chain risk landscape. Vendor due diligence requirements were not as straightforward or defined; hence a risk-based approach was needed to limit risk and increase visibility.
The Compyl platform had already been implemented for Torstone, which helped them to reduce their audit time by 80%; however, additional functionality was needed to improve their vendor risk profile. Therefore the Vendor Management module was added to Torstone’s Compyl instance. Compyl has improved the vendor risk management program for Torstone over two months which included:
Compyl has enabled Torstone to streamline its supply chain risk management program and allowed a more comprehensive view of suppliers. A complete understanding of security posture, privacy compliance, type of access, and data processed by suppliers is now established and maintained through automation. Request a demo to learn more about what we can do for you.